Informative Social Interactions
Informative Social Interactions
复制标题
DOI：
10.2139/ssrn.3171564
复制
发表时间：
2019-11
期刊：
影响因子：
--
通讯作者：
Luc Arrondel;Hector F. Calvo Pardo;Chryssi Giannitsarou;M. Haliassos
中科院分区：
文献类型：
--
作者：
Luc Arrondel;Hector F. Calvo Pardo;Chryssi Giannitsarou;M. Haliassos
我们从2014年12月和2015年5月具有代表性的法国人口样本中设计、挖掘和利用了新的调查数据，这些数据提供了关于社交互动通常可能影响金融决策的两个渠道的见解。第一种是纯粹的信息效应，它完全产生于与朋友和熟人之间的信息交流和传播。第二种是模仿效应，广义上被理解为包括社会规范效应、互补性、风尚等。我们发现这两种效应都是积极的、可观的和显著的。根据理论预测，受访者的社交圈成员对股市的了解越多(和更好)，受访者投资于股市(信息)的金融财富份额就越高。更多的受访者圈子成员参与股票市场(模仿)也会产生同样的影响。然而，在后一种情况下，我们只找到选择性模仿的证据，通过确定只来自受访者就财务问题与之互动的受访者社交圈的子集来确定积极和显著的影响。这些发现表明，直接和间接信息性的社会互动对金融行为和股票市场参与都很重要。
We design, field and exploit novel survey data, from a representative sample of the French population in December 2014 and May 2015, that provide insights regarding two channels via which social interactions may generally affect financial decisions. The first is a pure information effect, which arises solely from communicating and disseminating information to and from friends and acquaintances. The second is an imitation effect, broadly understood as comprising of social norm effects, complementarities, fads, etc. We find that both effects are positive, sizeable and significant. The more (and better) informed about the stock market members of respondents' social circles are, the higher the share of respondents' financial wealth that is invested in the stock market (information), in accordance with theoretical predictions. The same effect is found for more members of respondents' circles participating in the stock market (imitation). In the latter case however, we only find evidence of selective imitation, by identifying a positive and significant effect coming only from a subset of respondents' social circle with whom respondents interact regarding financial matters. These findings suggest that both directly and indirectly informative social interactions are important for financial behavior and stock market participation.